PHOTOS: Taste Goes Out with a Bang

Late last year, the city began taking bids for private companies to take over the annual festival, which has been losing money over the past few years. Celebrate Chicago LLC was the only company to submit a bid, which included a $20 admission fee and up to $65 for concerts.

The ticket cost became controversial among residents, and Daley publicly said he oppsed the bid.

PHOTOS: First Taste of "Taste"

"It's a food festival," Daley said. "You go down there for 12 days for food and beverages, that's what it was for. It's not the music festival. That's unacceptable."